INCREDIBLE AND EXCITING OPPORTUNITIES

Services

Nigeria is one of the most open service markets in Africa. Services account for 53% of the country’s GDP. The main contributory services are trade (16%), information and communication (18%), real estate (6%), professional, scientific, and technical services (4%), and financial and insurance services (3%). The prospects of the market are strong, with 49% of the population being internetsavvy Nigerians, who have the largest online market for apparel and footwear in Africa.

information & communication

Nigeria is home to the fastest-growing and largest telecommunications industry in Africa. With a population of over 216 million, about 49% of whom are active internet users, the ICT industry presents attractive investment opportunities, especially in private network links, internet business, satellite communication, payphone services, and cellular radio phone services.

Other Sectors Incentives

The Nigerian financial and insurance industries have become more diversified and stronger, as many Nigerian banks now operate in most African countries. The brewing industry, food processing, textiles, health (especially specialist care), education, housing, real estate, and solid minerals are also sectors with strong prospects.

- The Federal Government has introduced many incentives to encourage investors, which include:

- Income tax relief for a period of three to five years for pioneer status companies

- Zero percent import duty tariffs for the import of agricultural equipment

- Exception of interest from tax on loans granted to agricultural activities

- Avoidance of Double Taxation Agreement in Respect of Income and Capital Gains

- Protection of investments through Investment Promotion and Protection Agreement

- Full repatriation of profits

- Nigeria has ratified the African Continental Free Trade Agreement.